2017 | 1/2017 (66), t.2 | 64 – 78
Article title

Rating kredytowy emitenta i inwestora – porównanie wpływu determinant

Title variants
Issuer- and Investor-Paid Credit Ratings – A Comparison of Factors
Languages of publication
Celem pracy jest analiza determinant ratingu kredytowego banków krajów europejskich. Dokonano przeglądu literaturowego na temat wpływu czynników na rating kredytowy i postawiono hipotezę, że siła oddziaływania poszczególnych determinant na credit rating banku jest uzależniona od tego, czy został on nadany na żądanie emitenta czy inwestora. Do analizy wykorzystano dane z bazy Thomson Reuters. Badanie przeprowadzono przy użyciu metod regresji panelowej. Jako zmienną zależną zastosowano długoterminowe ratingi kredytowe banków prezentowane przez agencje ratingowe w latach 2000–2015. Ratingi zdekodowano liniowo na zmienne liczbowe. Badanie wykonano na danych kwartalnych.
The aim of the paper is to analyse European banks’ credit ratings factors. To this end, a literature review has been made about the impact of credit ratings factors and the following hypothesis has been put forward: The strength of the banks’ credit ratings factors depends on the issuer- and investor-paid notes. Thomson Reuters database has been used for the analysis. The analysis has been made by using panel data models. As a dependent variable, long-term credit ratings presented by credit rating agencies from 2000 to 2015 have been used. Credit ratings have been decomposed linearly. The study has been made using quarterly data.
64 – 78
Physical description
  • Becker, B. i Milbourn, T. (2009). How Did Increased Competition Affect Credit Ratings? Harvard Business School Working Paper, (09–051).
  • Bellotti, T., Matousek, R. i Stewart, C. (2011a). A Note Comparing Support Vector Machines and Ordered Choice Models’ Predictions of International Banks’ Rating. Decision Support Systems, 51(3), 682–687,
  • Bellotti, T., Matousek, R. i Stewart, C. (2011b). Are Rating Agencies’ Assignments Opaque? Evidence from International Banks. Expert Systems with Applications, 38(4), 4206–4214,
  • Bissoondoyal-Bheenick, E. i Treepongkaruna, S. (2011). An Analysis of the Determinants of Bank Ratings: Comparison across Ratings Agencies, Australian Journal of Management, 36(3), 405–424,
  • Bolton, P., Freixas, X. i Shapiro, J. (2012). The Credit Ratings Game. The Journal of Finance, 67(1), 85–111,
  • Bongaerts, D. (2015). The Economics of Investor-paid Credit Rating Agencies. Referat wygłoszony na: The European Winter Finance Summit, Schladming Austria. Pozyskano z:
  • Bruno, V., Cornaggia, J. i Cornaggia, K.J. (2011). The Information Content of Credit Ratings: Compensation Structure Does Matter. Egan Jones Working Papers. Pozyskano z:
  • Bruno, V., Cornaggia, J. i Cornaggia, K.J. (2015). Does Regulatory Certification Affect the Information Content of Credit Ratings? Management Science, 6(6), 1578–1597.
  • Fulghieri, P., Strobl, G. i Xia, H. (2013). The Economics of Solicited and Unsolicited Credit Ratings. The Review of Financial Studies, 27(2), 484–518,
  • Hassan, O.A.G. i Barrell, R. (2013). Accounting for the Determinants of Banks’ Credit Ratings. Brunel University of London Economics and Finance Working Paper Series, (13-02).
  • Jiang, J.X., Stanford, M.H. i Xie, Y. (2012). Does It Matter Who Pays for Bond Ratings? Historical Evidence. Journal of Financial Economics, 105(3), 607–621.
  • Kashyap A.K. i Kovrijnykh, N. (2015). Who Should Pay for Credit Ratings and How? Fama-Miller Working Paper Chicago Booth Research Paper, (1338).
  • Manso, G. (2013). Feedback Effects of Credit Ratings. Journal of Financial Economics, 109(2), 535–548,
  • Öğüt, H., Doğanay, M.M., Ceylan, N.B. i Aktaş, R. (2012). Prediction of Bank Financial Strength Ratings: The Case of Turkey. Economic Modelling, 29, 632-640,
  • Poon, W.P.H., Firth, M. i Fung, H. (1999). A Multivariate Analysis of the Determinants of Moody’s Bank Financial Strength Ratings. Journal of International Financial Markets, Institutions and Money, 9(3), 267–283,
  • Poon, W.P.H. i Chan, K.C. (2010). Solicited and Unsolicited Credit Ratings: A Global Perspective. ADBI Working Paper Series, 244.
  • Roy, P. (2006). Is There a Difference between Solicited and Unsolicited Bank Ratings and if So, Why? National Bank of Belgium Working Paper Research, 79.
  • Xia, H. (2014). Can Investor-paid Credit Rating Agencies Improve the Information Quality of Issuer-paid Rating Agencies? Journal of Financial Economics, 111(2), 450–468,
  • Zhou, B. i Kumar, P. (2012). Economic Considerations in Litigation Against the Credit Rating Agencies. The Brattle Group Discussion Paper, (April), 1–16.
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.